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2021-12-31-accounts

Indochina Starfish Foundation

(A company limited by guarantee)

Annual Report and Financial Statements Year Ended 31 December 2021 Company registration number: 05798114 Charity registration number: 1115484

Indochina Starfish Foundation

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 25
Statement of Trustees' Responsibilities 26
Independent Auditor's Report 27 to 30
Consolidated Statement of Financial Activities 31 to 32
Consolidated Balance Sheet 33
Charity Balance Sheet 34
Consolidated Statement of Cash Flows 35
Notes to the Financial Statements 36 to 53

Indochina Starfish Foundation

Reference and Administrative Details

Trustees Mr Martin Cubbon, Chairman Mr Mark Ashall Mr Leo Brogan Mr Neil Cutler Mr Robert Gazzi Ms Belinda Greer Mr Patrick Healy Mr Martin Murray Mr Andrew Riddick Mr Erik Lorenz Ms Miranda Leung Ms Kirsten Molyneux Principal Office 1310, St. 89BT, Chamreunphal Village Sangkat, Boeng Tompson Khan Meanchey Phnom Penh Cambodia Registered Office North Quay House Sutton Harbour Plymouth PL4 0RA The charity is incorporated in England and Wales. Company Registration Number 05798114 Charity Registration Number 1115484 Auditor PKF Francis Clark Statutory Auditor North Quay House Sutton Harbour Plymouth Devon PL4 0RA Secretary Ms Miranda Leung

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Indochina Starfish Foundation

Trustees' Report

The trustees are pleased to present their audited consolidated financial statements of Indochina Starfish Foundation for the year ended 31 December 2021.

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and the auditor’s report of Indochina Starfish Foundation (ISF) for the period ended 31 December 2021. The annual report and the financial statements have been drawn up in accordance with appropriate statutory regulations, the company’s Memorandum and Articles of Association, and the second edition of Statement of Recommended Practice (2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (the SORP).

Status

Indochina Starfish Foundation is a company limited by guarantee incorporated in England and Wales on 27 April 2006 and registered as a charity with the Charity Commission in England and Wales on 20 July 2006. Its constitution documents are the memorandum and articles of association.

Who we are

ISF is a Cambodian based organisation dedicated to alleviating poverty for disadvantaged youth through equitable access to education, healthcare, and sport. Our vision is a Cambodia where every child has equal access to quality education, healthcare and sport .

The legal objective of ISF is to promote general charitable purposes for the benefit of individuals and communities within Cambodia through:

• The promotion of relief from hardship and social and/or economic disadvantage. The relief from financial hardship may be through the provision of financial aid, goods, or services.

With over 15 years of experience in creating sustainable pathways out of poverty, our holistic programme integrates transferable skills with education, community development, and sport to provide life-changing opportunities across Cambodia for those children and their communities most in need.

In accordance with Cambodian law, we have a memorandum of understanding with the Ministry of Foreign Affairs and a memorandum of understanding with the Ministry of Education to operate as an NGO. ISF Australia, some of whose trustees are also ISF’s trustees, have been set up since 2008 to raise funding in Australia so that it can provide us with regular funding.

What we offer

Catch-Up Education

Accelerated learning for children who have never been to school or have dropped out to ‘catch up’ to the correct grade for their age and enter state school.

State school support

Ongoing holistic support to students and their families who attend state school after completing the Catch-Up Education Programme.

Community development projects

Ensuring our education centres do not exist in vacuum through projects including community libraries, sewing projects, adult literacy courses.

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Healthcare

Supporting the health and wellbeing of all our students through check-ups, treatment, vaccinations, and health education.

Nutrition

Nutritional school meals and monthly food parcels for families.

English, Information, & communications technology (ICT) classes Developing students’ skills through English classes as well as courses in ICT skills and computer-tablet use.

Employment support

Careers counselling, vocational training, soft skill development, and more.

Football Programme

Opportunities for ISF students and students from partner schools and organisations to play football competitively and attend weekly training sessions.

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Letter from our Chairman

For 15 years, ISF has been dedicated to alleviating poverty for disadvantaged Cambodian youth through equitable access to education, healthcare, and sport. In a year marked for celebration and reflection, Cambodia’s largest outbreak of COVID-19 in February 2021 saw our team once again show their resilience and flexibility as they stepped up to lessen the devastating impact of the pandemic on our beneficiaries.

We had entered the New Year with optimism that ISF’s education, football, and community development initiatives could resume to normal activity. Schools across Cambodia had reopened and a ban on contact sport had been lifted. However, this was short lived. Tough restrictions were reintroduced in response to rapidly rising cases to tackle the spread of COVID-19 which once again forced ISF to return to remote support for the majority of the year.

The closure of schools saw the 700 students in ISF’s Education Programme out of school again and we were seeing first-hand the lasting repercussions of the pandemic on those most vulnerable. Strict preventative measures and periods of lockdown left over 80% of ISF families facing unemployment or drastically reduced salaries. Living hand-to-mouth, without the luxury of accruing financial savings, they were left struggling to survive and our students were at risk of being forced to abandon their education in order to financially support their families.

Concerned with school dropout rates and student retention, our Education team pivoted back to distance learning initiatives for students in school or receiving employment support. We worked tirelessly to keep them engaged by continuing to adapt the curriculum to the online space, even creatively transforming our training, mentorship, and extracurricular activities, while making sure they could access this with technology devices and data top-ups.

To mitigate the effects of lost salaries, emergency parcels, hygiene kits, and rental subsidies were distributed to families in need. Our Community Engagement Team also worked relentlessly with local leaders to provide assistance within the communities we serve and we extended our support to an additional 795 families so they were not forced further into poverty.

Thanks to this unparalleled care and support, ISF’s dropout rate was over 50% lower than the national average as our students were able to navigate COVID-related challenges to keep their education on track. We were delighted that 95% of students passed their exams to move on to the next grade, including 45 integrating into a local state school and 30 students finishing high school. Twenty students within ISF’s Employment Support also found gainful employment with the team’s guidance and mentorship.

Sport plays a major role in achieving our mission of relieving poverty for underprivileged children and their communities. With team sports like football prohibited for the better part of the year, our team of coaches were concerned about the lack of safe spaces available to keep youths from adopting unhealthy behaviours that are so prevalent in the areas we work. Adapting our award-winning Football Programme to the virtual space ensured we could still motivate, engage, and inspire 3,000 youths of all abilities from across Cambodia while restrictions were in place.

Our coaches encouraged youth athletes to stay active and healthy through online training, workouts, and social impact sessions. The team was even able to adapt this training and hosted a number of virtual challenge events for players living with disabilities. For those who couldn’t join us online, we designed and printed booklets containing our social impact curriculum, games, and workouts so everyone could be reached.

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While it was a year of challenges, 2021 was alsoa year of success as we celebrated 15 years of making a difference, one child at a time. For our milestone birthday, we looked back on our achievements that have seen us support 795 students in our Education Programme, 3,400 community members through our Community Development Projects, and 16,500 athletes of all abilities in our Football Programme since ISFbegan in 2006.

Everyone was delighted when ISF was finallyable to welcome students back to our twocampuses in November and our community andfootball initiatives returned to in-personactivities. This was thanks to our team ofdedicated staff who remained on hand to support our beneficiaries during times of turbulence while working tirelessly to prepare for programme reopenings. Their dedication and commitment is a testament to our mission and the children we serve and we were honoured this was recognised by a series of accolades and awards presented to ISF during the course of the year.

Throughout the year, we also took the time to celebrate those who have been integral in helping ISF achieve our mission alongside developing new partnerships and expanding existing ones. We partnered with long-time partner AIA Cambodia for an exciting collaboration with Tottenham Hotspur Football Club, hosted our second successful virtual online charity dinner with the Hong Kong Football Club, and received support from our donors across the globe. ISF has also expanded its local reach, building relationships with the MC from Bayon TV, Phnom Penh Crown FC, and Preah Khan Reach Svay Rieng FC, among others.

We were thrilled to announce that ISF’s first high school graduate, Nung Bunleng, has gone on to receive his Bachelor of Tourism and Creating Management from the National Taiwan University. Bunleng’s significant achievement is not only testament to his hard work and dedication, but the ongoing holistic support that has been provided to him through our Education Programme.

ISF’s Employment Support also opens doors. Due to poverty, Bunthai had to dropout of school in grade 7 to provide for his family. While we try our best to support our students to stay in school, we know that sometimes completing a high school education is not possible. If our students have no choice but to dropout, we still support them through our Employment Support Under our project, Bunthai was able to train as a hairdresser. He now works in a hair salon in Phnom Penh and his skill set is earning him $300-400 per month which is almost double the average minimum wage income for Cambodians.

Creating sustainable pathways out of poverty has only been possible with the ongoing generosity of ISF’s supporters. Facing funding shortfalls as a result of the pandemic, you came together, connected, and reminded our team of how fortunate we are to be a part of this international community. Through your support, promotion of our mission, encouragement, and engagement, ISF avoided shortages in funding and increased our digital presence. Thank you so very much for your long-lasting support.

Because of our team, donors, partners, and community, we are looking towards the future with incredible optimism. ISF’s Catch-Up Education Programme welcomed 60 new students for the new academic year, which was something we could not offer in 2021. With restrictions lifted again, our Football Team is busy scheduling our much anticipated annual tournaments and our Community Engagement Team has a number of exciting projects in the pipeline. As an organisation, we look with hope towards a year filled with new opportunities to build brighter and better futures for youth across Cambodia.

Best Regards,

ISF Chairman Martin Cubbon

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THE IMPACT OF COVID-19

An outbreak of COVID-19 in February saw Cambodia subject to ever-changing restrictions throughout 2021 to curb the country’s largest spread of the virus. Tough measures included periods of lockdown, the closure of many businesses, and the continued halt on tourism. ISF families were left facing unemployment or drastically reduced salaries, with 83% of families losing between 40-100% of their income. Living hand-to-mouth, without the luxury of accruing financial savings, many were left struggling to survive.

For ISF students, school closures introduced even further obstacles to their education and significantly increased the risk of them not returning to the classroom. Battling poor internet connections, lacking technology devices to join online classes, and increased feelings of isolation caused students to be in jeopardy of disengaging with their studies. Economic pressures forced some students to find work or help with household responsibilities meaning they had less time to study. For some families, the inability to work even forced them to move out of the city.

Concerned with school dropout rates and student retention during government closures, our Education Team worked tirelessly to overcome these challenges, adapting our curriculum and initiatives to keep students engaged with lessons and provide the necessary support to their families. Activities within our Football Programme also made the switch to virtual world, with coaches offering online workouts and training to keep youths engaged. For those without internet access, we printed a booklet containing everything they needed to stay active and healthy during restrictions.

Ongoing pressures caused 17 students (2%) to drop out of ISF’s Education Programme in 2021.

We will continue to stay in touch with these families in the hope they will return to their education in the future. With only 5% of the poorest youth finishing school in Cambodia.

ISF’s dropout rate was over 50% lower than the national average, showing testament to our teams’ relentless efforts and dedication to helping these vulnerable youths build brighter futures.

Although we have worked tirelessly to adapt our programmes in the ever-changing situation, ICT classes, extra-curricular activities including physical education and field trips, remained suspended until schools reopened in November 2021. COVID-related restrictions also forced the cancellation of key ISF events for the second year in a row. We look forward to hosting the Ian Thompson Memorial - ISF Boys’ Tournament, ISF Girls’ Tournament, Community League, and Deaf Tournament in 2022

EDUCATION PROGRAMME

ISF’s Education Programme offers out-of-school children from some of Phnom Penh’s poorest areas the chance to catch up on missed education and integrate into local state schools. Most of these children will have never attended school or received healthcare before. Instead, they have often spent their childhood working from a young age in order to help their family survive.

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Alongside quality schooling, ISF breaks down the barriers that have prevented these vulnerable youths from getting the education they deserve. We provide uniforms, stationary, school meals, extra classes, and healthcare, while families receive monthly food parcels and employment support to reduce financial burdens. As they get older, we introduce skills development, employment training, and mentorship to enhance opportunities after they leave school. Our support is available for as long as they remain in school to give them the best possible chance of completing their education.

CATCH UP EDUCATION PROGRAMME

ISF’s Catch-Up Education Programme follows the same curriculum as state schools, teaching Khmer, social science, maths, and science. To catch students up to the right grade, we teach them two years in one so they can join a local government run school.

Online lessons, take-home assignments, extra classes, and one-to-one support continued for students in our Catch-Up Education Programme for most of 2021 to make sure they did not fall further behind in their studies while schools predominantly stayed closed. Although it was a challenging year, our students showed their determination in continuing to learn and 93% moved to the next grade after sitting their exams. Out of these students, 45 students joined the state school system in the new academic year.

ISF recruited 60 new catch-up students at the end of the year to join our Catch-Up Education Programme, of whom 67% have never been to school before. With the uncertainty that the pandemic brought, this was not something we were able to offer last year. The ISF team were delighted to welcome these students and give them the education they deserve.

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STATE SCHOOL

When a student is integrated into state school, ISF continues to provide the tools, resources, and support necessary for their academic success. As school closures dominated the 2021 academic year, ISF made sure that students at state schools could continue their studies through online support and financial assistance. We loaned tablets and provided monthly internet data top-up subsidies as learning remained online. Extra classes were also offered to build students’ capacity ahead of their end-of-year exams.

Alongside their hard work and dedication, this additional support has seen many students overcome the challenges presented to them and 88% of students progressed to the next grade. 93% of students completing their 12 years of schooling will continue on to higher education – far exceeding the national average of only 15% of youths going on to tertiary education after finishing high school.

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CASE STUDY: SECOND CHANCE AT EDUCATION

Born East of Phnom Penh in Prey Veng Province, Kagna* relocated to the city with her family in 2016. In hopes of better job opportunities, the city’s high cost of living meant that Kagna could not afford school. Although state school is free-of-charge, the cost of uniforms, transportation, meals, and school supplies accumulate, making finances an obstacle to enrolment.

In 2018, Kagna’s mother learned about ISF’s Catch-Up Education Programme. Inclusive of all school-related costs, the accelerated programme offered to help Kagna catch up on the two years of missed education while alleviating all financial challenges. Knowing that education was a pathway out of poverty and provided better job opportunities, Kagna’s family was eager to help her enrol.

After the COVID-19 pandemic closed schools, ISF’s classes pivoted online. Kagna accessed classes via Zoom, watched videos, and communicated with her teachers and peers via Facebook Messenger.

To ensure that students had uninterrupted access to education and food, ISF offered data top-up cards, providing Kagna US$2 credit per month, and extra monthly food parcels for her family.

Now that schools have reopened, Kagna is happy to be back at ISF’s Stung Meanchey campus. Her favourite activities are reading in the library and playing games with friends, and she’s thrilled to be able to participate in classes and workshops in person. ISF’s Catch-Up Education Programme has not only given Kagna a second chance at education but is teaching fundamental skills which are valuable to breaking the cycle of poverty.

*Names have been changed to protect privacy.

ENGLISH CLASSES

English Language lessons are not offered as part of the curriculum in most Cambodian state schools. As an essential for higher education and many job opportunities, ISF offers classes to all students so they can develop these crucial skills from an early age.

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We use a creative approach to teaching English which we successfully modified to continue providing a fun and engaging online learning environment. Incorporating a variety of aids, technology, and activities this included our online singing competition ‘Raise the Mic’ in August. Over 100 supporters joined the final contest online to hear six finalists sing English songs of their own choosing in a live performance. Everyone was blown away by our students’ talent and courage with many messages of support received during and after the show.

HIGHER EDUCATION

Growing up in extreme poverty, many of our students would have never thought going to university was a possibility before starting at ISF. However, we have supported 26 students over the year to make this dream of achieving higher education a reality

To help students continue studying for their associate course or bachelor degrees, we assisted students to overcome COVID-related challenges through internet data subsidies, nutritional aid, and regular telephone support. After a turbulent year, 83% passed their exams to progress to the next year of their course, one student finished her associate course, and two students no longer need financial support from ISF.

ISF is delighted to announce that student Neng Bunleng graduated with a bachelor’s degree in Tourism & Hospitality. Bunleng has been studying for the last four years at the Kao Yan University of Technology in Taiwan. This significant achievement is not only testament to his hard work and dedication, but the ongoing holistic support that has been provided to him through ISF’s Education Programme.

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EMPLOYMENT SUPPORT

As students get older, the pressure to find work to contribute to their family income becomes greater, forcing many to drop out of school. COVID-19 has further exacerbated the risk students will not finish high school. ISF’s Employment Support is committed to preventing students from ending up in low-skilled and unstable jobs by assisting them to find more stable and better opportunities for employment, including through vocational training, internships and job placements.

ISF’s Employment Team shifted to virtual support for students in 2021, offering robust soft-skill training, career counselling, advice, and support, and established partnerships with NGOs focused on vocational training. Despite the job market being hit hard by the pandemic, 20 students found stable employment during the year.

GOING GREEN

ISF is committed to helping create a better world through environmental protection. Green initiatives are being implemented across our programming, making them an integral part of our curriculum and activities. Even when campuses closed and face-to-face activities were suspended, we looked for ways to improve our communities and highlight the importance of combating climate change.

  1. Continue to follow ISF’s no single-use plastic policy at ISF premises and events.

  2. Introducing effective recycling, composting, and waste disposal.

  3. Hosting online training about plastic reduction for students, staff, and their families.

  4. Holding recycling workshops to create souvenirs out of reused plastic.

  5. Centering ISF’s Life Skills Project activities on ISF’s plastic reduction initiatives.

  6. Organising community clean ups and waste collection challenges.

  7. Preventing an estimated 1,000 single-use plastic bags prevented from reaching unofficial dump sites and waterways each month through the continued use of reusable bags for monthly family food parcels.

CASE STUDY SUSTAINABLE PATHWAYS OUT OF POVERTY

Waving goodbye to her co-workers, Dara* joins the swarm of workers headed home for the day. Growing up, she recalls her family scavenging for food in the nearby sewage system. Now a Sales Officer at an international finance company in Phnom Penh, Dara is proud to share with our team that she’s finally accrued enough savings to support herself financially.

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Dara joined ISF’s Education Programme in 2008. After failing her high school exam, ISF’s Employment Support stepped in and offered her the support and guidance to pursue her associate degree in Business Management. Realising she lacked professional experience but possessed motivation and drive, the Employment team offered her an internal three-month administrative internship – providing real world experience and jump-starting her career.

ISF’s Employment Support is committed to supporting our students in finding gainful employment.

Chon Chamnan, ISF’s Head of Employment Support shares, “The Employment team is… important for making sure that our students can break the cycle of poverty. We provide whatever possible – career counselling, goal setting, life skills training, higher education, vocational training, on the job training, internships, and job placements – to make sure that all ISF students can achieve their dreams in their lives and attain a decent job within their capability.”

Although Cambodia has low unemployment rates, recorded at 0.3% in 2017 (CIA), the country has high underemployment – meaning employees work in low-paying or low-skilled jobs. However, many of Cambodia’s workers have informal and irregular employment, influencing the low unemployment statistics and earning much less than the country’s minimum wage of $194. With a high cost of living, our students need to obtain stable employment with higher wages if they want to break the cycle of poverty.

Uneducated Cambodian youth can earn as little as $100 a month, but struggling financially, Viseth’s family depended on him to help supplement their income. After dropping out of school at Grade 7, ISF’s Employment team worked with Viseth to enrol him in vocational training, advocating for a higher salary through proper training.

With the team’s support, Viseth trained as a hairdresser in Kampong Cham Province, where his skill set now earns him upwards of $400 a month, double the average minimum wage for Cambodians. Since its foundation in 2011, ISF’s Employment Support has helped 64 students find gainful employment. Through the team’s guidance and mentorship, ISF students like Dara and Viseth have been able to redirect the course of their lives - breaking down barriers and escaping the vicious cycle of poverty.

*Names have been changed to protect privacy.

HEALTH & WELLBEING

ISF’s holistic approach to our Education Programme ensures that students have free access to comprehensive, ongoing health and wellbeing services to improve their physical and mental health; making sure that they are healthy and are able to make the most of their education.

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ISF’s FOOTBALL PROGRAMME

ISF’s award-winning Football Programme widens the net to increase access to sport, build life skills, and improve the health of 3,000 underprivileged youth from 12 of Cambodia’s 25 provinces. Committed to providing equitable opportunities, this includes athletes of all abilities who have been marginalised by poverty, gender, disability, or HIV.

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While ISF believes every child has the right to play, our Football Programme goes beyond just providing youth with the chance to play football and improve their health. We use the power of sport to educate, motivate, and empower. Through regular training, tournaments, events, and a bespoke social impact curriculum, we address relevant issues such as gender equality and substance abuse to promote positive behaviour both on and off the pitch.

COACH DEVELOPMENT

At ISF, we do not just focus on players. Thanks to the support of the Asian Football Confederation, the ISF-AFC Dream Asia Project promotes the progression of up and coming coaches through the establishment of two formalised coach development pathways.

Our Young Coach Development Pathway is leading six motivated youth towards a professional career in coaching while the Continuous Coach Development Pathway is designed to nurture the skills and expertise of our 13 full-time coaches so that they can deliver high-quality football training and become leaders in the field of football-for-good. The project has also facilitated the delivery of social impact training to 200 coaches and young leaders across the country, who are now fully equipped to educate young people about prevalent social issues through football-based games and activities.

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WEEKLY FOOTBALL COACHING

For the better part of the year, team sports, like football, were prohibited. However, our coaches encouraged 800 players who receive weekly training to stay active and healthy by holding online sessions and workouts and weekly equitable football coaching to 296 players with disabilities or HIV. For those who couldn’t join us online, we designed and printed booklets containing our social impact curriculum, games, and workouts so everyone could be reached.

During monthly sessions, players also received bespoke football for social impact lessons which have been developed in partnership with Coaches Across Continents (CAC). These lessons offer a safe space for players to explore important issues such as gender equality, disability inclusion, and addiction. Coaches also use football-based activities to teach players soft skills such as leadership, problem-solving, and communication, that equip young people with transferable skills outside the classroom. Through our football-for-good activities, we seek to improve physical and mental health whilst advocating for an inclusive and equal society in the future.

FOOTBALL EVENTS

AIA-ISF Youth League

Sponsored by AIA Cambodia for the fourth consecutive year, the AIA – ISF Youth League is Cambodia’s largest grassroots football league. To provide more sporting opportunities across Cambodia, the League took on a new format in 2021 as it was held in two sections – starting off with ten weeks in Battambang which was to be followed by an additional 16 weeks of play to take place in Phnom Penh. After a successful Opening Ceremony in Battambang in February, the League was unfortunately cut short due to imposed COVID-related restrictions enforced for the majority of the year.

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ISF Football Festival

With support from AIA Cambodia, ISF Cambodia was excited to welcome 100 youth athletes from across Cambodia to ISF Sports Ground for our first ISF Football Festival. We were joined by professional footballer Aim Sovanarath from Preah Khan Reach Svay Rieng FC, who shared how he got to where he is today. Virtual support was also given from a Tottenham Hotspur Global Development Coach who shared tips and tricks for these young players.

All Abilities Event

Taking the pitch online, we hosted two successful online All Abilities challenges throughout the year with 71 athletes living with disabilities participating in specially designed virtual challenges that tested movement, colour, management, and control. These were followed by two All Abilities Football Tournaments at ISF Sports Ground once restrictions were lifted at the end of 2021. Modifying our football activities, these events provide rare and equitable opportunities for these stigmatised communities and empowers them to achieve their full potential.

Keepy Uppy Competition

In partnership with AIA Cambodia and Tottenham Hotspur Global Development Coach Shannon Moloney, we invited youths across Cambodia to put their football juggling skills to the test in our ISF Keepy Uppy Competition. Aspiring footballers were encouraged to submit a video recording of many keepy uppys they could do without the ball hitting the ground. Ten finalists came together to battle it out together and the chance to win some amazing prizes.

CASE STUDY - EXPANDING TO CAMBODIA’S PROVINCES

Central to ISF’s belief is the power of sport in alleviating poverty. Equitable participation empowers genders, removes lines of inequality, and teaches valuable life skills such as sportsmanship, teamwork, and communication. However, in Cambodia, opportunities to play sports are rare - especially for youth marginalised by poverty and gender.

In partnership with AIA Cambodia, ISF runs AIA - ISF Youth League, Cambodia’s largest grassroots football league. Previously hosted at ISF Sports Ground in Phnom Penh, ISF’s team noticed athletes were travelling up to eight hours each way to participate. Committed to inclusion, ISF and AIA Cambodia expanded their reach in 2022, offering five league fixtures in four provinces: Phnom Penh, Kampot, Siem Reap, and Kampong Speu.

15-year old Leakhena* is an attacker on Chum Kriel Secondary Schools’ U14 girls’ team. Based in Kampot, she’s excited for the opportunity to play competitive sports in her home province. When ISF’s Football Programme partnered with her school, they invited her physical education teacher to form a U14 girls’ team, and Leakhena was eager to accept a spot.

Chum Kriel Secondary School girls’ team meets weekly on Saturdays and Sundays, practising basic football techniques and integrating social skills like discipline, patience, and determination into their routine. Unlike her education in the classroom, Leakhena notes: “Participating in football] has helped me increase stamina, improve muscle strength, develop confidence, increase self-esteem, and reduce anxiety.”

Alongside the physical and mental benefits, she also credits her participation in sports to developing a supportive group of friends. Practising with other like-minded girls, Leakhena explains she has become a part of a community that empowers one another and promotes gender equality. By attending ISF’s tournaments and leagues, she’s joined a nationwide network of supportive female athletes.

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Aspiring to become a policewoman or a small business owner, Leakhena explains: “I’ve found my strength through football.” As ISF’s Football Programme expands its reach into the provinces, the team is committed to providing life-changing resources, support, and opportunities for youth athletes like Leakhena, who demonstrates the incredible power of sport.

*Names have been changed to protect privacy.

OUR COMMUNITY DEVELOPMENT INITIATIVES

ISF ensures our education centres do not exist in silos by offering some of the poorest areas of Phnom Penh education, employment, and community support through our Community Development initiatives. As part of our holistic approach, we work with community members and leaders to provide the communities we work in with the tools needed to lift themselves out of poverty,.

SEWING PROJECT

ISF provided women’s economic empowerment through our Sewing Project which provides family members the chance to learn a new skill and increase their job prospects. We teach them how to sew, as well as how to make and design clothes and other products. The project has continued to expand over the past year with many new partnerships being set up with companies to produce items, including sports clothes, t-shirts, and face masks. Collectively, these women made a total income of $14,555 in 2021 through ISF contracts – of which 10% has been channelled back into the project to support the training and development of new participants.

COMMUNITY LIBRARIES

ISF’s Community and Mobile Libraries provide employment opportunities while promoting education in the underprivileged communities we work in across Phnom Penh. Operating with social distance measures in place, these community facilities provided visitors of all ages a safe and fun space to enhance their reading, meet peers, and foster an appreciation of learning. Strict COVID-related measures saw our libraries suspended or operating at reduced activities for several months which has seen a 63% decline in visitors over the year. Our Librarians used these times to enhance our facilities and we expect the number of visitors to increase once again in 2022.

CASE STUDY - CULTIVATING LEGACY

62-year-old Srun Nan lives with his daughter, son-in-law, and three grandchildren in Chbar Ampov’s Deum Sleng Village (or Chbar Ampov’s graveyard community). Because he didn’t have the land to grow crops or rice, he was forced to relocate to the city from his home province nearly 30 years ago.

However, until 2017, Srun Nan didn’t know how to read - limiting his opportunities for gainful employment. Instead, Nan supported his family by helping with household chores, cooking, and watching his grandchildren while his daughter and son-in-law worked.

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As part of its Community Library Project, ISF opened an accessible library in Graveyard Community in 2014. Committed to alleviating poverty for disadvantaged children and their families, ISF ensures its programmes serve the wider community. Initiatives like the Community Library Project dually serve to provide children with a safe place to study while cultivating a culture of education and literacy within the entire community.

Many of ISF’s parents lack basic literacy, and for beneficiaries like Nan, ISF’s Community Libraries are the first accessible resource that teach and promote literacy. Having never been to school, Nan was unable to read or write. However, keenly interested in Buddhism and Cambodian knowledge, he would visit the library where, in her spare time, the librarian would read to Nan. Over time, the librarian started teaching Nan how to read, having him repeat after her and practising writing in Khmer.

Now, Nan can read and write Khmer fluently. Through the community libraries, he realised the importance of literacy. He now understands literacy helps broaden his worldly knowledge and increases opportunities to obtain a decent job with a stable income. Literate since 2017, Nan has become an advocate for education. He shares that his grandson is currently enrolled in ISF’s Education Programme, where he emphasises the importance of school. Through ISF’s programmes, he hopes his grandson will graduate from university and learn the skills necessary to escape the poverty trap.

OVERSIGHT AND RECOGNITION

STAFF TRAINING

ISF places a high focus on staff training and capacity development. With a switch back to online learning, ISF staff have focused on safely integrating technology into our activities, including participating in refresher Internet Safety and Online Awareness Training conducted by APLE – a Cambodian based organisation focused on the protection of children against all forms of sexual abuse and exploitation. Staff members were also trained in identifying and providing the right levels of emotional support to beneficiaries whose mental health had been affected by ongoing COVID-related restrictions.

Throughout 2021, staff also continued to use periods of reduced activity to develop their wider skill sets including upgrading computer skills, time-management courses, and English-speaking classes. Likewise, our football team undertook additional training in topics such as refereeing and working with players with disabilities.

Page 18

Indochina Starfish Foundation

Trustees' Report

FUNDRAISING PRACTICES

We are committed to being completely open and transparent about our fundraising. We raise funds through trusts and foundations, corporate sponsors, and from individuals. We raise funds from individuals in many different ways, including:

Our face-to-face fundraising is done by our own staff at our own fundraising events and we do not hire third parties to fundraise on our behalf. We will never telephone, email, or send mail to anyone unless they have expressed an interest in our work. ISF remained reliant on online fundraising throughout 2021 to reach both our local and international supporters, including virtual events and online campaigns, to raise vital sources of income. The same high standard of fundraising practices was adopted for these fundraising activities.

In May 2018, the EU General Data Protection Regulation (GDPR) became law. With enhanced rights and an emphasis on fairness, transparency, accuracy, and security, GDPR effectively prevents the unauthorised processing of personal information and we are happy to report our compliance with this. Our supporter details are safe – we do not sell or share data with anyone else. We only hold information that is necessary for communicating with supporters. If supporters do not want us to communicate with them or want to change the way we do, we always respect their decision - they just need to contact us. In 2021, we received no complaints about our fundraising activities.

We treat all donations with the utmost care – 90% of every $1 we spend goes directly towards helping children, youth, and families in Cambodia.

MONITORING AND EVALUATION

Monitoring and Evaluation (M&E) is at the heart of ISF’s programmes and mission. The organisation has developed the capacity to increase impact for beneficiaries and accountability to funders. Integrating qualitative and quantitative data, ISF’s team carefully monitors processes enabling a comprehensive assessment of programme delivery.

• Open Source Case-Management and Record-Keeping (OSCaR): OSCaR allows ISF to efficiently collect data to monitor and evaluate the progress of all students in our programme as well as their family’s situation.

• Dream Life Skills Assessment Scale: measures how effective our skill development initiatives

are by using a five-point scale which allows for comparisons to be made.

• Family Needs Assessments: collecting qualitative and quantitative data on aspects such as

education attainment, income, nutrition, and health from families supported by ISF to

determine their level of need.

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Indochina Starfish Foundation

Trustees' Report

SUPPORTERS AND VOLUNTEERS

Our success to date has only been possible through the generous support we have received from a number of individuals, trusts, foundations, and companies. It is not possible for us to list them all here, but we are truly grateful for their support which enables ISF to continue providing resources, support, and care to vulnerable youths and their families across Cambodia.

Facing funding shortfalls as a result of the pandemic, we were once again overwhelmed by the support in 2021. Grant funding, corporate support, sponsorship, and individual donations ensured we could continue providing our holistic programming while the response to our virtual events, online campaigns, emergency appeals meant we could continue to responding to effectively to our beneficiaries needs during COVID-19. We cannot express our gratitude enough to all those who have and continue to support ISF during these challenging times.

As part of our evolving fundraising strategy, we have continued to build and strengthen partnerships locally and to reflect our increased activity, we have introduced a Local Fundraising and Marketing Co-ordinator to our Development Team. We would like to thank everyone who donated or provided technology equipment, art supplies, sports equipment, materials, and clothes.

A special mention is extended to the Hong Kong Football Club who hosted another successful virtual fundraising event in place of our annual Charity Dinner. We are very grateful for their continued support, alongside the provision of kits, equipment, and donations for the Football Programme.

We are also delighted to have received assistance from a number of valued volunteers across our programmes. Despite global travel restrictions we have benefited from help with fundraising activities, communications and marketing, career mentoring and life skills development, and online workouts sessions.

GOVERNANCE

MEMBERSHIP AND VOTING

The subscribers to the Memorandum of Association of the company and such other persons as are admitted to membership in accordance with the Articles of Association shall be members of the company. No persons shall be admitted to membership unless they are approved by the directors. Any person who wishes to become a member shall deliver to the company an application for membership in such form as the directors require.

A member may at any time withdraw from the company by giving at least 7 clear days’ notice to the company. At general meetings of the company, on a show of hands every member present in person will have one vote. On a poll every member present in person or by proxy will have one vote.

PUBLIC BENEFIT

Charities are required under the Charities Act 2006 to show that they provide public benefit. The trustees have reviewed the objects and services of the charity in the light of this requirement, as well as the Charity Commissioner’s guidance on public benefit, and confirm (as evidenced by the contents of this annual report) that Indochina Starfish Foundation provides public benefit.

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Indochina Starfish Foundation

Trustees' Report

CHILD PROTECTION

As a child support organisation, our priority is the safety and well-being of the children under our care. ISF is committed to the implementation of a strict child protection policy so as to ensure that the children whom we serve are not exposed to abuse, exploitation, violence, or neglect. ISF’s Child Protection and Safeguarding Policy is reviewed annually and all staff members and beneficiaries receive regular training on the topic.

In addition, we have developed partnerships with local child safeguarding organisations. Our Child Protection and Safeguarding policy conforms to the principles of the UN Convention on the Rights of the Child. We are also a ChildSafe Alliance Partner – a global network led by Friends International and UNICEF committed to improving the quality and impact of services for marginalised children and youth, their families, and communities.

RISK REVIEW

The trustees have examined the major internal and external risks that the charity faces, including the ongoing impact of the COVID-19 pandemic. The existing risk register was reviewed in August 2021 in order to ensure that systems to monitor and control these risks and to mitigate any impact that they may have on the charity in the future are in place.

FINANCIAL REVIEW AND ACCOUNTS

REVIEW OF FINANCIAL POSITION

Operating funds (i.e. excluding Capital Funds) raised in the financial year ended 31st December 2021 were close to those raised in the previous financial year. The sources of our funds continue to be individuals, trusts and foundations, schools and corporations, many of whom have given financial support in previous years.

Funds received are both for specific purposes, and hence considered restricted, or to support the broad base of activities the charity is involved in and designated as unrestricted. Our key aim is to use all these funds effectively keeping administrative costs to a minimum.

The costs of the Education Programme are all incurred in Cambodia. They primarily comprise teachers’ and other education staff’s employment costs, medical costs (including the cost of the Vaccination Project), the cost of food rations for the children’s families, and state school fees. The costs of the Football Programme primarily comprise training and equipment costs, the costs of providing qualified coaches and transportation, and organisational costs (including of the leagues and tournaments).

We are acutely aware of the cost of administration and employ as small an administration staff as possible. All other costs incurred relate directly to the two core programmes in Cambodia.

In addition to the Education and Football funds we maintain a general unrestricted fund for donations not made specifically to either of the core programmes. The money in this fund is designated to a specific project or programme as necessary.

On 31 December 2021, operational reserves were $1,950,327 of which $791,130 is for general use and the remainder may only be used for specific programmes.

Consistent with our aim of prudent financial management, it is our policy not to start projects until we are certain that the funds sufficient to complete them are available.

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Indochina Starfish Foundation

Trustees' Report

Despite the disruption caused by COVID-19 on our fundraising and operational activities in 2019, we maintained a sound financial position as we entered the financial year 2020 during which we continued to cope with and increase our resilience in dealing with the upheaval caused by COVID-19 on our operations. For more details, please see the following “Ongoing Impact of COVID-19 and Future Outlook”.

The charitable company has a 49% share in ISF LHC Co., Ltd., a company registered in Cambodia, formed to purchase land on the charity’s behalf in Cambodia. The balance of the shares is held by Cambodian residents but, in the opinion of the trustees, the charity controls the company and for this reason consolidated financial statements have been prepared.

RESERVES POLICY

Our income is not predictable as it comprises voluntary donations from a range of sources, as noted

previously. Accordingly, we aim to build and maintain a reserve (Reserve Requirement) equal to the total of 12 months budgeted spent for that year on our education programmes and six months budgeted spent on our football programmes for that year.

Our net assets for the financial year ended 31 December 2021 is US$3,855,007 (2020: US$3,907,912) comprising tangible assets of US$1,938,536 and net current assets of US$1,916,471.

Free reserves at year end were US$757,274 (2020: US$805,409). Free reserves is unrestricted reserves (US$791,130) less funds spent on tangible fixed assets (US$33,856).

FINANCIAL INSTRUMENTS

Objectives and policies

The Group’s activities expose it to a number of financial risks including credit risk, cash flow risk, and liquidity risk.

Cash flow risk

The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign currency bank accounts to hedge these exposures.

Credit risk

The Group’s principal financial assets are bank balances and cash and other debtors. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties.

Liquidity Risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group maintains cash reserves approximately equal to the Reserve Requirement.

AUDITORS

A resolution to re-appoint PKF Francis Clark as auditors for the ensuing year will be proposed at the next board meeting in accordance with Part 16 of the Companies Act 2006.

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Indochina Starfish Foundation

Trustees' Report

TRUSTEES

There are currently twelve trustees. New trustees are recruited principally as a result of nominations by existing trustees. The whole board considers the competence, skills and independence of nominees and votes on their appointment. Before their appointment, nominees are invited to visit our operations in Cambodia and to meet and answer questions from the chairman and management. Police record checks are carried out on all potential trustee nominees.

The trustees for the current financial year are as follows:

THE ONGOING IMPACT OF COVID-19 AND FUTURE OUTLOOK

As Cambodia was subject to ever-chancing restrictions throughout 2021, our students’ education was disrupted further by school closures and many faced challenging obstacles with remote learning. The ongoing economic repercussions of the pandemic also significantly put them at risk of not returning to the classroom when schools were finally able to reopen.

Our team worked tirelessly to overcome the adversities faced by ISF beneficiaries by providing a range of remote learning support and additional aid to respond to their needs, so that no one was forced to miss out on school. This support was provided until ISF’s Education Centres were finally able to reopen in early November ahead of students taking their end of year exams.

Following a successful vaccination rollout, the country was fully reopened in November 2021 to all sectors which included the removal of quarantine requirements for fully vaccinated visitors and the long awaited return to schools coincided with the country’s lifting of broad restrictions to combat COVID-19.

Entering into the new academic year in January 2022, ISF was thrilled to continue welcoming students on to campus as we began a new year of learning and growth. Even with a rapid rise of COVID-19 cases in early February, high vaccination and booster rates across all ages of the population saw the Government keep educational facilities open as long as all the necessary safety requirements were in place to keep everyone safe.

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Indochina Starfish Foundation

Trustees' Report

With borders reopen and many business back up and running, many ISF families are less reliant on the additional support provided by ISF during the earlier stages of the pandemic. However, it remains in place on a case by case basis for any family who needs it.

The removal of restrictions and the welcoming of vaccinated visitors to Cambodia will also have a positive effect on ISF’s fundraising activities as we look forward to hosting in-person events once again. Our newly adopted local fundraising strategy can also continue to expand, with a number of events and campaigns planned to raise vital funds and awareness locally. The success of virtual events and campaigns over the past 18 months cannot be forgotten though and our fundraising strategy for 2022 has carefully been designed to incorporate different approaches and diversify our income.

Although we are looking ahead with positivity, the past couple of years has taught us that this could all change in an instant. With carefully designed and monitored strategies, policies, and procedures in place, we are confident that we can effectively deal with any new restrictions introduced if the need arises to lessen the impact on both our beneficiaries and funding.

After making the difficult but prudent decision in 2019 and 2020 not to accept any new student intake, we also took the decision to reduce our cost base whilst relentlessly growing diversified fund raising avenues and, as a result, we have weathered the challenging conditions well and we achieved a stable financial condition at the financial year of 2020 with a reserve of approximately US$ 2 million. With the reopening of the schools and the removal of the COVID-19 restrictions in Cambodia, we are pleased to be in the position admit 60 new students for the 2021/2022 academic year and resume our usual educational and football activities whilst at the same time significantly reducing the additional reliefs and assistance we provide to the families in our community due to their loss of income as a result of the COVID-19 restrictions imposed on them. As a result, our budgeted expenditure for the financial year 2022 is expected to return to the pre-COVID level.

Page 24

Indochina Starfish Foundation Trustees, Report However, although the Covid 19 ￿tuation has eased in Camtw)Jia. the severe lockdown in Hong Kong in the first haK of 2022 has had a significant effect on our revenue in the first half of 2022 as significant portion of our fundraising acttvities usually takes place in Hong Kong. The lockdown has meant that we were not able to carry out some of our fvIr￿ral￿ng activities including the annual Hong Kong dinner. The travel restrictions of donors from Hong Kong lo CambcKYia has also meant that we are less able to keep in touch wth them even thi￿gh we continued to Use other means induding email and digital seryices. We are therefore acutely aware that in the second half of 2022, we need lo increase our fundraising efforts whilst Hong Kong eases its Covid restrictions. In view of this developmenl, we have in tandem reduced a portion of our actual expenditure in the first half of the year compared to our budgeted expenditure. As al 30 June 2022, we have a cash reserve of approximately $1.7m which we have buill up and maintained over the years in accordan￿ with our prudent reserves policy and we are conscious that whilst there are limes we need to dip into it. we need lo replenish il as quIc￿Y as KM)s%ble. we relum to our usual a¢tivities, we will ¢onb"nue lo manage our financial po￿tIOn in a prudent manner and continue lo stnve to inc¥ease and diversify our fun(Jing avenues to support our operations. 25/08/2022 The annual reFKJrt was approved by the trustees of the charity ¢)n ... behalf by.. and signed on Its Ms Miranda Leung Company Secretary and Trustee PaJe 25

Indochina Starfish Foundation Statement of Trustees, Responsibilities The trustees (who are also the directors of Indochina Slarfsh Foundation for the purposes of )mpany lawl are responsible for preparing the Iruslees, report and the financial statements in accordance with the United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the trustees to prepare finanaal statements for each financial year. Under company law the Iruslees musl nol approve Ihe financial stalemenls unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resoureEs and application of resources, including its income and expenditure, for that period. In preparing these finanaal statements, the trustees are required to.. select suitable accounting policies and apply them consistently., ObSe￿e the methods and prinaples in the Charities SORP., make judgements and estimates that are reasonable and prudent., stale whether applicable UK Accounling Standards have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the finanaal statements on the going concem basis unless it is inappropriate to presume that the charitable company will LX)nlinue in business. The trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charitable companls transactions and disclose wilh reasonable accuracy al any time the finan(aal position of the charitable company and enable them to ensure that Ihe financial stalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable enmpany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees, ReR8ry e24 the Statement of Trustees, Reponsibilities are approved by the trustees of the charity on and signed on ils behalf by.. Ms Miranda Leung Company Secrelary and Trustee Page 26

Indochina Starfish Foundation

Independent Auditor's Report to the Members of Indochina Starfish Foundation

Opinion

We have audited the financial statements of Indochina Starfish Foundation (the 'charitable parent company') and its subsidiary (the 'group') for the year ended 31 December 2021, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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Indochina Starfish Foundation

Independent Auditor's Report to the Members of Indochina Starfish Foundation

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 21), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 28

Indochina Starfish Foundation

Independent Auditor's Report to the Members of Indochina Starfish Foundation

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to acts by the company which were contrary to applicable laws and regulations, including fraud.

We considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102, the Companies Act and Charities Act). We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting.

Audit procedures performed by the engagement team include, but were not limited to, discussion and inquiries with management of compliance with laws and regulations, review of trustees' meeting minutes and review of compliance with specific requirements of Cambodian law of which we are aware, including the registration with the Ministry of Foreign Affairs and Ministry of Education. We also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Indochina Starfish Foundation

Independent Auditor's Report to the Members of Indochina Starfish Foundation

Use of our report

This report is made solely to the charitable parent company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its members as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... Duncan Leslie (Senior Statutory Auditor) PKF Francis Clark, Statutory Auditor

North Quay House Sutton Harbour Plymouth Devon PL4 0RA

25/08/2022 Date:.............................

Page 30

Indochina Starfish Foundation

Consolidated Statement of Financial Activities

Year Ended 31 December 2021 (Including Consolidated Income and Expenditure Account)

Note
Income and Endowments from:
Donations and legacies
2
Other trading activities
3
Investment income
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net expenditure
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
19		 Unrestricted
funds
US $
273,678
12,657
495
286,830
(132,190)
(205,786)
(337,976)
(51,146)
(19,023)
(70,169)
861,299
791,130		 Restricted
funds
US $
970,512
-
-
970,512
(13,535)
(958,736)
(972,271)
(1,759)
19,023
17,264
3,046,613
3,063,877		 Total
2021
US $
1,244,190
12,657
495
1,257,342
(145,725)
(1,164,522)
(1,310,247)
(52,905)
-
(52,905)
3,907,912
3,855,007

The funds breakdown for the period ended 31 December 2021 is shown in note 19. Comparative period shown on next page.

The notes on pages 36 to 53 form an integral part of these financial statements. Page 31

Indochina Starfish Foundation

Consolidated Statement of Financial Activities

Year Ended 31 December 2021 (Including Consolidated Income and Expenditure Account)

Note
Income and Endowments from:
Donations and legacies
2
Other trading activities
3
Investment income
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
19		 Unrestricted
funds
US $
620,433
33,016
509
653,958
(83,787)
(12,750)
(96,537)
557,421
557,421
303,878
861,299		 Restricted
funds
US $
879,797
-
-
879,797
-
(1,192,525)
(1,192,525)
(312,728)
(312,728)
3,359,341
3,046,613		 Total
2020
US $
1,500,230
33,016
509
1,533,755
(83,787)
(1,205,275)
(1,289,062)
244,693
244,693
3,663,219
3,907,912

The funds breakdown for the period ended 31 December 2020 is shown in note 19. All of the charity's activities derive from continuing operations during the above two periods.

The notes on pages 36 to 53 form an integral part of these financial statements. Page 32

Indochina Starfish Foundation Consolidated Balance Sheet 31 December 2021 2021 us$ 2020 us$ Note Fixed assets Tangible assets 13 1.938.536 2.031.617 Current assets Debtors Cash al bank and in hand 15 16 2.445 2,033,461 29.461 1,994,329 2,035,906 2,023,790 Creditors: Amounts falling due within one year 17 119,435 147,495 Net current assels 1,916.471 1,876,295 Net a$$ets 3,855,007 3,907,912 Funds of the group: Restricted 3,063,877 3,046,613 Unrestricted funds Unrestricted 791,130 861,299 Total funds 19 3,855,007 3,907,912 The financi81 statements on pages 31 to 53 were approved by the trustees, 8nd authorised for issue 2510812022 on .................... and signed on their behalf by.. Ms Miranda Leung Company Secrelary and Trustee Company Registration Number.. 05798114 The notes on pages 36 to 53 fomi an integral part of these financial stalemenls. Page 33

Indochina Starfish Foundation Charity Balance Sheet 31 December 2021 2021 uss 2020 us$ Note Fixed assets Tangible assets Investments 13 1.106,148 490 1.199,229 490 1.106.638 1.199,719 Current assets Debtors Cash at bank and in hand 15 18 863,013 2.015.106 883,079 1.977,268 2.878,119 2.860,347 Creditors: Amounts falling duo within one year 17 121,$49 147,764 Net current assets 2.756,570 2,712,583 Net assets 3.863,208 3,912,302 Funds ofthe charity: Restricted 3.064.377 3.048.613 Unrostricted funds Unrestricted 798,831 885,689 Total funds 19 3.863.208 3.912,302 Thefi on I talemenls on pages 31 to 53 were approved by the trustees, and authorised for issue and signed on their behalf t*y. Ms Miran(ia Leung Company Secretary and Trustee Company Regislralion Number.. 05798114 The rK)les on p&Je5 36 to 53 fo￿ an integral part of these finanryal Slater￿ts. PaJe 34

Indochina Starfish Foundation

Consolidated Statement of Cash Flows

Year Ended 31 December 2021

Note
Cash flows from operating activities
Net (expenditure)/income
Adjustments to cash flows from non-cash items
Depreciation
8, 13
Investment income
4
Profit on disposal of tangible fixed assets
Working capital adjustments
Decrease/(increase) in debtors
15
Decrease in creditors
17
Decrease in deferred income
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
4
Purchase of tangible fixed assets
13
Sale of tangible fixed assets
Net cash flows from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December		 2021
US $
(52,905)
98,005
(495)
-
44,605
27,016
(6,304)
(21,756)
43,561
495
(4,924)
-
(4,429)
39,132
1,994,329
2,033,461		 2020
US $
244,693
101,861
(509)
(13,991)
332,054
(16,898)
(1,125)
(16,398)
297,633
509
(63,065)
24,574
(37,982)
259,651
1,734,678
1,994,329

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 36 to 53 form an integral part of these financial statements. Page 35

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

1 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Indochina Starfish Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The presentational currency is US dollars (USD $), which is the functional currency of the Group as most transactions are made in USD.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary drawn up to year ending 31 December 2021.

No Statement of Financial Activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a deficit for the financial period of US $76,514 (2020 - surplus of US $244,693).

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Going concern

The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group. More information on the effects that COVID-19 has had on the charity can be found in the Trustees' Report (Page 3). Accordingly accounts have been prepared on a going concern basis.

Page 36

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

Key sources of estimation uncertainty

Deferred income: The Trustees are required to make a judgement whether the grants received contain performance or time criteria in order to account for these transactions correctly under the performance model in line with the Charities SORP.

In the Trustees' opinion there are no other key sources of estimation uncertainty or key accounting judgements.

Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations

Donations are recognised when the Group has received the grant, donation or gift.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Investment income

Investment income is included when receivable.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Page 37

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

Support costs

Support costs are those costs incurred directly in support of expenditure on the objects of the company and have been allocated to activity cost categories on a basis consistent with the use of resources.

Governance costs

Governance costs comprise all costs involving the public accountability of the trust and its compliance with regulation and good practice. These include the costs attributable to the Group’s compliance with constitutional and statutory requirements, including audit.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

The cost of tangible fixed assets is their purchase cost, together with any incidental expenses of acquisition.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Land Not depreciated
Buildings 2% straight line
Astroturf pitch (presented in land and buildings) 10% straight line
Furniture and equipment 25% reducing balance
Motor vehicles 25% reducing balance
Computer equipment 25% reducing balance
Leasehold improvements Over life of lease

Assets included under Furniture and equipment, Motor vehicles and Computer equipment are subsequently written off after 5 years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 38

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the group.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Capital funds were raised to enable the purchase of two parcels of land within Phnom Penh on which to construct and equip a new centre and sports pitch.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 39

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

2 Income from donations and legacies

Donations and legacies;
Donations from individuals
Total for 2021
Total for 2020
3
Income from other trading activities		 Unrestricted
funds
General
US $
273,678
273,678
620,433		 Restricted
funds
US $
970,512
970,512
879,797		 Total
funds
US $
1,244,190
1,244,190
1,500,230
Property rental income
Other income from other trading activities
Total for 2021
Total for 2020
4
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Total for 2021
Total for 2020
5
Expenditure on raising funds
Unrestricted
Note
General
US $
Fundraising costs
132,190		 Restricted
US $
13,535		 Unrestricted
funds
General
US $
12,332
325
12,657
33,016
Unrestricted
funds
General
US $
495
495
509
Total
2021
US $
145,725		 Total
funds
US $
12,332
325
12,657
33,016
Total
funds
US $
495
495
509
Total
2020
US $
83,787

Page 40

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

6 Expenditure on charitable activities

Unrestricted
funds		 Restricted
funds		 Total 2021 Total 2020
US $ US $ US $ US $
Education Direct staff wages - 371,911 371,911 399,116
Other staff costs 250 13,046 13,296 21,884
Books, materials and equipment - 54,075 54,075 47,073
Premises and maintenance - 76,704 76,704 69,204
Vaccination and medical costs - 4,187 4,187 12,144
Local projects - 6,065 6,065 12,094
Motor, travel and subsistence - 17,323 17,323 26,298
Family rations - 98,285 98,285 82,648
Depreciation 16,084 22,640 38,724 37,540
Other costs - 48,254 48,254 39,165
Share of support costs 129,988 7,614 137,602 121,641
Football Direct staff wages - 99,739 99,739 101,347
Other staff costs - 7,718 7,718 10,698
Equipment and uniforms (260) 16,179 15,919 18,420
Premises and maintenance 4,680 5,659 10,339 26,356
Student training - 5,575 5,575 17,151
Motor, travel and subsistence - 9,101 9,101 20,081
Depreciation 5,288 53,332 58,620 63,852
Other costs - 13,408 13,408 7,804
Share of support costs 43,641 1,598 45,238 39,992
Community Direct staff wages - 9,389 9,389 8,177
Other staff costs - 100 100 235
Materials and equipment - 5,521 5,521 4,695
Motor, travel and subsistence - 105 105 86
Depreciation 661 - 661 469
Other costs - 11,008 11,008 12,108
Share of support costs 5,455 200 5,655 4,999
205,786 958,736 1,164,522 1,205,275

Page 41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

Educational project
Football project
Community project		 Activity
undertaken
directly
US $
728,824
220,418
26,785
976,027		 Activity
support
costs
US $
137,602
45,238
5,655
188,495		 Total
2021
US $
866,426
265,656
32,440
1,164,522		 Total
2020
US $
868,807
305,700
30,768
1,205,275

US $205,786 (2020 - US $12,750) of the above expenditure was attributable to unrestricted funds and US $958,736 (2020- US $1,192,525) to restricted funds.

Included in the support costs analysed above, there are also governance costs of US $9,895 (2020US $10,225) which relate directly to charitable activities. See note 7 for further details.

Page 42

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

7 Analysis of governance and support costs

Support costs allocated to charitable activities

Support costs allocated to charitable activities
Basis of
allocation
Governance
costs
US $
Educational project
73%
7,223
Football project
24%
2,375
Community project
3%
297
Total for 2021
9,895
Total for 2020
10,225
Educational project
Football project
Community project
Total for 2021
Total for 2020		 Finance
costs
US $
(1,885)
(620)
(77)
(2,582)
(24,028)		 Staff
costs
US $
94,915
31,205
3,901
130,021
149,504
Other
support
costs
US $
11,198
3,681
460
15,339
6,532		 Admin
costs
US $
26,358
8,665
1,083
130,021 36,106
149,504 24,399
Other
support
costs
US $
11,198
3,681
460
15,339
6,532		 Total
funds
US $
137,809
45,306
5,664
188,779
166,632

Governance costs

Audit fees
Audit of the financial statements
Total for 2021
Total for 2020		 Unrestricted
funds
General
US $
9,895
9,895
10,225		 Total
funds
US $
9,895
9,895
10,225

Page 43

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

8 Net incoming/outgoing resources

Net (outgoing)/incoming resources for the year include:

Operating leases - other assets
Audit fees
Depreciation of fixed assets
Foreign currency gains		 Total
2021
US $
34,857
9,895
98,005
(2,582)		 Total
2020
US $
31,800
8,725
101,861
(24,227)

9 Trustees' remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the group during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

10 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Restructuring payments		 Total
2021
US $
644,036
35,150
-
679,186		 Total
2020
US $
668,808
31,871
23,371
724,050

The monthly average number of persons (including senior management team) employed by the group during the year expressed as headcount was as follows:

Management
Education
Football
Development		 2021
No
10
54
20
4
88		 2020
No
7
68
20
4
99

No employee received emoluments of more that $82,542 (£60,000) during the year.

Page 44

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

The total employee benefits of the key management personnel (listed below) of the group were US $200,718 (2020 - US $193,377).

Key Management Personnel were: Chourp Vicheka, Sok Rachana, Kong Seiha, Yin Samady, Tep Sothearith, Chhun Chamnan, Sea Povry, Thim Sokha and Margherita Chiarolanza.

11 Auditor's remuneration

Audit of the financial statements 2021
US $
9,895		 2020
US $
8,725

12 Taxation

The group is a registered charity and is therefore exempt from taxation.

13 Tangible fixed assets

Group

Cost
At 1 January
2021
Additions
At 31 December
2021
Depreciation
At 1 January
2021
Charge for the
year
At 31 December
2021
Net book value
At 31 December
2021
At 31 December
2020		 Land and
buildings
US $
2,302,161
-
2,302,161
385,143
71,066
456,209
1,845,952
1,917,018		 Motor
vehicles
US $
96,173
-
96,173
38,198
14,497
52,695
43,478
57,975		 Computer
equipment
US $
69,467
4,924
74,391
40,034
7,536
47,570
26,821
29,433		 Leasehold
Improve-
ments
US $
34,273
-
34,273
7,082
4,906
11,988
22,285
27,191		 Total
US $
2,502,074
4,924
2,506,998
470,457
98,005
568,462
1,938,536
2,031,617

Page 45

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

Charity

Cost
At 1 January
2021
Additions
At 31 December
2021
Depreciation
At 1 January
2021
Charge for the
year
At 31 December
2021
Net book value
At 31 December
2021
At 31 December
2020		 Land and
buildings
US $
1,469,773
-
1,469,773
385,143
71,066
456,209
1,013,564
1,084,630		 Motor
vehicles
US $
96,173
-
96,173
38,198
14,497
52,695
43,478
57,975		 Computer
equipment
US $
69,467
4,924
74,391
40,034
7,536
47,570
26,821
29,433		 Leasehold
Improve-
ments
US $
34,273
-
34,273
7,082
4,906
11,988
22,285
27,191		 Total
US $
1,669,686
4,924
1,674,610
470,457
98,005
568,462
1,106,148
1,199,229

Page 46

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

14 Fixed asset investments - investment in subsidiary company

Charity

Shares in group undertakings and participating interests

Subsidiary
undertakings Total
US $ US $
Cost
At 1 January 2021 490 490
At 31 December 2021 490 490
Net book value
At 31 December 2021 490 490
At 31 December 2020 490 490
Details of undertakings
The charitable company has a 49% share of the ordinary shares in ISF LHC Co. Ltd, a company
registered in Cambodia, formed to purchase and hold land on behalf of the Charity's behalf in
Cambodia. The balance of the shares is held by Cambodian residents but, in the opinion of the
Trustees, the Charity controls the Company and for this reason consolidated financial statements
have been prepared.
ISF LHC Co. Ltd Statement of Financial Position
Total Total
31 December
31		 December
2021 2020
US $ US $
Interest in land 832,388 832,388
Other debtors 2,625 780
Cash at bank and in hand 18,355 17,061
Amounts due to parent charity (860,568) (853,618)
Share capital (1,000) (1,000)
Reserves 8,200 4,389

Page 47

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

15 Debtors

Due from group undertakings
Other debtors		 2021
US $
-
2,445
2,445		 Group
2020
US $
-
29,461
29,461		 2021
US $
860,568
2,445
863,013		 Charity
2020
US $
853,618
29,461
883,079

Included in the charity debtors balance above is US $860,568 (2020 - US $853,618) owed from ISF LHC Co. Ltd. There is no formal repayment plan in place so the balance is classified as current however it is unlikely to be paid within the next financial year.

16 Cash and cash equivalents

16 Cash and cash equivalents
Cash at bank
Other cash and cash
equivalents		 2021
US $
2,031,152
2,309
2,033,461		 Group
2020
US $
1,992,395
1,934
1,994,329		 2021
US $
2,012,797
2,309
2,015,106		 Charity
2020
US $
1,975,334
1,934
1,977,268

17 Creditors: amounts falling due within one year

2021
US $
VAT grant repayable
129
Other creditors
5,773
Accruals
12,937
Deferred income
100,596
119,435
Deferred income
Deferred income at 1 January 2021
Resources deferred in the period
Amounts released from previous periods
Deferred income at 31 December 2021		 Group
2020
US $
-
5,072
20,071
122,352
147,495		 2021
US $
129
5,773
15,051
100,596
121,549		 Charity
2020
US $
-
5,072
20,340
122,352
147,764
2021
US $
(122,352)
(100,596)
122,352
(100,596)

Multi-year grant donations have been deferred over the period in which the grant relates.

Page 48

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

18 Obligations under leases and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land and buildings
Within one year
Between one and five years
After five years		 2021
US $
42,000
150,500
-
192,500		 Group
2020
US $
34,550
168,000
24,500
227,050		 2021
US $
42,000
150,500
-
192,500		 Charity
2020
US $
34,550
168,000
24,500
227,050

The amount of non-cancellable operating lease payments recognised as an expense during the year for the group was US $34,857 (2020 - US $31,800). The charity lease payments were US $37,800 (2020 - US $37,800).

Page 49

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

19 Funds

Group

Unrestricted funds
General
Unrestricted
Restricted funds
Education - capital
Education - operating
Football - capital
Football - operating
Community - operating
Total restricted funds
Total funds
Unrestricted funds
General
Unrestricted
Restricted funds
Education - capital
Education - operating
Football - capital
Football - operating
Community - operating
Total restricted funds
Total funds		 Balance at
1 January
2021
US $
861,299
1,081,871
855,628
893,856
225,466
(10,208)
3,046,613
3,907,912
Balance at
1 January
2020
US $
303,878
1,108,007
1,042,403
951,394
252,981
4,556
3,359,341
3,663,219		 Incoming
resources
US $
286,830
-
642,551
-
309,717
18,244
970,512
1,257,342
Incoming
resources
US $
653,958
-
654,714
-
209,127
15,956
879,797
1,533,755		 Resources
expended
US $
(337,975)
(22,640)
(699,585)
(53,332)
(169,655)
(27,060)
(972,272)
(1,310,247)
Resources
expended
US $
(96,537)
(26,136)
(841,489)
(60,103)
(234,077)
(30,720)
(1,192,525)
(1,289,062)		 Transfers
US $
(19,024)
4,925
(4,925)
-
-
19,024
19,024
-
Transfers
US $
-
-
-
2,565
(2,565)
-
-
-		 Balance at
31
December
2021
US $
791,130
1,064,156
793,669
840,524
365,528
-
3,063,877
3,855,007
Balance at
31
December
2020
US $
861,299
1,081,871
855,628
893,856
225,466
(10,208)
3,046,613
3,907,912

Page 50

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

The restricted funds are unspent income reserves, where the original donation was restricted either for the Education, Football or Community Programme, the purposes of which are described more fully in the Trustees' Report.

Where fixed assets have been purchased for one of these programmes specifically, they have been funded either via a restricted capital donation or a transfer from operating restricted income specific to that Programme, or a transfer from unrestricted funds. Resources expensed against the restricted capital funds equal the depreciation charge for the assets of that Programme.

General donations where no conditions are attached are allocated to the unrestricted fund. Fundraising expenditure, governance costs and some other costs are spent from the unrestricted funds.

The difference between the Group and the Charity funds relates to the unrestricted fund only. All ISF LHC Co. Ltd income and expenditure is unrestricted. The Charity unrestricted fund at period end is US $817,854 (2020 - US $865,689).

Page 51

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

20 Analysis of net assets between funds

Group

Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
US $
33,856
795,137
(18,839)
810,154
Unrestricted
funds
US $
55,890
830,552
(25,143)
861,299		 Restricted
US $
1,904,680
1,240,769
(100,596)
3,044,853
Restricted
US $
1,975,727
1,193,238
(122,352)
3,046,613		 Total funds
at 31
December
2021
US $
1,938,536
2,035,906
(119,435)
3,855,007
Total funds
at 31
December
2020
US $
2,031,617
2,023,790
(147,495)
3,907,912

21 Analysis of net funds

Group

Group
Cash at bank and in hand
Net debt		 At 1 January
2021
US $
1,994,329
1,994,329		 Cash flow
US $
39,132
39,132		 At 31
December
2021
US $
2,033,461
2,033,461

Page 52

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2021

Group

Group
Cash at bank and in hand
Net debt		 At 1 January
2020
US $
1,734,678
1,734,678		 Cash flow
US $
259,651
259,651		 At 31
December
2020
US $
1,994,329
1,994,329

22 Related party transactions

Charity

During the year the charity made the following related party transactions:

Indochina Starfish Foundation (Australia) Limited

(Neil Cutler and Leo Brogan, Trustees of ISF, Directors of ISF (Australia) Limited) Donations totalling US $84,647 (2020 - US $171,739) were received from ISF (Australia), an associated charity registered in Australia. At the balance sheet date the amount due to/from Indochina Starfish Foundation (Australia) Limited was US $Nil (2019 - US $Nil).

ISF LHC Co. Ltd

(49% owned subsidiary of Indochina Starfish Foundation)

Rental payments totalling US $6,000 (2020 - US $6,000) were made to ISF LHC Co. Ltd, a subsidiary company registered in Cambodia. At the balance sheet date the amount due from ISF LHC Co. Ltd was US $860,568 (2019 - US $853,618).

As explained in note 14, this company has been consolidated in these financial statements, as, in the opinion of the Trustees, the Charity controls the Company.

Page 53